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Promoting Domestic Energy Production Act
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
Summary
The bill modifies the Internal Revenue Code to allow oil and gas companies to deduct intangible drilling and development costs when calculating adjusted financial statement income for tax purposes. It changes how depreciation and depletion expenses related to drilling and exploration activities are treated in financial statements used for tax computations. The changes apply to taxable years beginning after December 31, 2025.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Lankford, James [R-OK] (R-OK)
18 cosponsors
- Sen. Barrasso, John [R-WY] (R-WY)
- Sen. Cassidy, Bill [R-LA] (R-LA)
- Sen. Cornyn, John [R-TX] (R-TX)
- Sen. Cramer, Kevin [R-ND] (R-ND)
- Sen. Cruz, Ted [R-TX] (R-TX)
- Sen. Daines, Steve [R-MT] (R-MT)
- Sen. Hoeven, John [R-ND] (R-ND)
- Sen. Husted, Jon [R-OH] (R-OH)
- Sen. Lee, Mike [R-UT] (R-UT)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Marshall, Roger [R-KS] (R-KS)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Moreno, Bernie [R-OH] (R-OH)
- Sen. Mullin, Markwayne [R-OK] (R-OK)
- Sen. Risch, James E. [R-ID] (R-ID)
- Sen. Scott, Tim [R-SC] (R-SC)
- Sen. Sheehy, Tim [R-MT] (R-MT)
- Sen. Sullivan, Dan [R-AK] (R-AK)
Actions (2)
- Jan 23, 2025 Read twice and referred to the Committee on Finance. · senate
- Jan 23, 2025 Introduced in Senate
Similar bills (6)
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Full text
IN THE SENATE OF THE UNITED STATES
January 23, 2025
Mr. Lankford (for himself, Mr. Barrasso, Mr. Daines, Mr. Cassidy, Mr. Scott of South Carolina, Mr. Marshall, Mr. Mullin, Mr. Cruz, Mr. Cramer, Ms. Lummis, Mr. Moran, Mr. Sheehy, Mr. Risch, and Mr. Sullivan) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Promoting Domestic Energy Production Act”.
SEC. 2. INTANGIBLE DRILLING AND DEVELOPMENT COSTS TAKEN INTO ACCOUNT FOR PURPOSES OF COMPUTING ADJUSTED FINANCIAL STATEMENT INCOME.
(a) In General.—Section 56A(c)(13) of the Internal Revenue Code of 1986 is amended—
(1) by striking subparagraph (A) and inserting the following:
“(A) reduced by—
“(i) depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the year, and
“(ii) any deduction allowed for expenses under section 263(c) with respect to property described therein to the extent of the amount allowed as deductions in computing taxable income for the year, and”, and
(2) by striking subparagraph (B)(i) and inserting the following:
“(i) to disregard any amount of—
“(I) depreciation expense that is taken into account on the taxpayer’s applicable financial statement with respect to such property, and
“(II) depletion expense that is taken into account on the taxpayer’s applicable financial statement with respect to the intangible drilling and development costs of such property, and”.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. <all>
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